0001104659-26-032049
SEC filingRevenue surged 163% to $39.3M on antimony price spike, but net loss widened to $4.3M on higher operating and non-cash costs.
United States Antimony Corporation’s principal business is in the mining, procuring, processing and sale of antimony and precious metals, primarily gold and silver, in Montana and Mexico, and the mining, processing, and sale of zeolite in Idaho. The Company began operations in Montana in 1970 and has since expanded to include facilities in Mexico and Idaho. In 2025, the Company reincorporated from Montana to Texas and its common stock began trading on the NYSE in March 2026.
The Company’s operations are organized and managed through two reportable segments: antimony and zeolite. The antimony segment includes the Montana facility that processes ore into antimony trioxide, antimony metal ingots, antimony trisulfide, and precious metals, as well as two facilities in Mexico that process ore primarily into antimony metal ingots and a lower grade of antimony trioxide. Precious metals operations are included within the antimony segment because extraction and processing costs cannot be meaningfully separated. The zeolite segment includes the vertically integrated Bear River Zeolite facility in Preston, Idaho that mines, processes, and sells zeolite. The Company also has mining claims and leases in Los Juarez, Mexico; Ontario, Canada; Montana; and Alaska that have no active, revenue-producing operations yet, and these are included in an "All Other" category for segment reporting.
The Company’s products consist primarily of antimony (including antimony oxide, antimony metal ingots, and antimony trisulfide), zeolite (coarse and fine crushed in various sizes), and precious metals (refined and unrefined gold and silver). Antimony trioxide is used as a flame-retardant system for plastics, rubber, fiberglass, and other materials. Antimony metal ingots are used in bearings, storage batteries, and ordnance. Antimony trisulfide is used as a primer for ammunition. Zeolite is used for water filtration, sewage treatment, nuclear waste cleanup, odor control, gas separation, animal nutrition, soil amendment, and other applications.
All sales of antimony, zeolite, and precious metals products are to customers primarily in the United States and Canada. The Company sells directly to customers, including government agencies and industrial customers. In September 2025, the Company secured a five-year, sole-source IDIQ contract with the U.S. Defense Logistics Agency with a maximum value of $248 million for the sale of antimony metal ingots. In November 2025, the Company executed a five-year sales agreement with an industrial customer for the sale of antimony trioxide. During the years ended December 31, 2025 and 2024, three customers accounted for 80% and 43% of total revenues, respectively.
The Company believes it has a competitive advantage as the only U.S. based domestic processor of antimony products and the only operating, vertically integrated, and permitted antimony smelter located in the United States. Its smelter in Coahuila, Mexico is the largest operating smelter for processing antimony products in Mexico. The Company competes with other mineral resource exploration and development companies for financing, acquisition of new mineral properties, and for equipment and labor. Many competitors have greater financial and technical resources.
The Company’s strategic priorities include securing and diversifying ore supply through new international suppliers and acquisition of mining claims in Alaska, Montana, and Canada; expanding domestic antimony processing capacity, including a facility expansion in Montana expected to more than triple current capacity; fulfilling long-term sales contracts with the U.S. Defense Logistics Agency and an industrial customer secured in 2025; developing mining claims and leases in Alaska, Montana, and Ontario, Canada to support future operations; and expanding commercial presence in the animal nutrition industry for zeolite products.
As of December 31, 2025, the Company employed 100 full-time employees and 1 part-time employee, most of whom are located in Montana, Idaho, and Mexico. The number of full-time employees may vary seasonally. None of the Company’s employees are covered by any collective bargaining agreement.
For fiscal year 2025, UAMY reported revenues of $39.3 million, a 163% increase from $14.9 million in 2024. The surge was led by the antimony segment, where revenue rose 219% to $35.4 million, driven entirely by a 230% increase in average sales price per pound as market prices peaked and moderated later in the year. Antimony sales volumes dipped 3% to 1.41 million pounds due to temporary workforce shortages and furnace refurbishment. The zeolite segment grew 14% to $3.4 million on an 8% volume increase and 6% price improvement.
Gross profit improved 185% to $9.9 million, with gross margin expanding to 25.2% from 23.2%. Antimony gross profit rose 171% to $9.7 million, benefiting from favorable ore input costs in the first half of 2025, partially offset by higher supplier prices later and a year-end NRV charge. Zeolite gross profit turned positive at $0.2 million versus a ($0.6 million) loss in 2024, as lower maintenance costs after prior-year repairs boosted margins.
Operating expenses more than tripled to $18.3 million from $5.9 million, driven by $7.1 million in non-cash share-based compensation (up from $0.6 million) following the expanded equity plan, higher salaries for organizational build-out, and increased professional fees. This led to an operating loss of $8.5 million versus a $2.4 million loss in 2024. Net loss widened to $4.3 million from $1.7 million, as $6.7 million of net non-cash items (share-based comp, IVA reserve, D&A) were partly offset by a $3.3 million unrealized gain on equity securities.
Antimony remains the dominant segment, contributing 91% of total revenues. The 230% price increase more than offset the 3% volume decline, underscoring the segment's sensitivity to antimony market pricing. Management highlighted sustained demand and reduced supply as key pricing drivers. The segment also benefited from lower ore costs on inventory purchased earlier in the year. However, margins were pressured later by supplier price indexing and a NRV adjustment. The company is investing in vertical integration through mining claims (Montana, Alaska, Ontario) and a joint venture for a processing facility to secure feedstock and reduce costs.
Zeolite showed meaningful improvement, swinging from a gross loss to a gross profit. Revenue grew 14% on higher volumes and pricing, while gross profit improved $0.8 million as cost per ton declined 18% to $264. The turnaround reflects successful resolution of prior-year operational issues at the BRZ facility. Zeolite's growth is supported by new customer introductions in animal nutrition and formalization of a third-party agreement.
Management's outlook emphasizes vertical integration, domestic supply chain development, and expansion of production capacity. Key catalysts include:
No specific quantitative guidance was provided for 2026, but the company is focused on achieving positive cash flow through operational improvements, cost reduction, and leveraging government support.
As of December 31, 2025, the Company held $30.5M in cash and cash equivalents, $20.4M in held-to-maturity U.S. Treasury Strips (amortized cost), and $40.5M in equity securities (fair value). Total assets surged to $153.9M from $34.6M a year earlier, driven by $104.2M in net proceeds from common stock issuances and $37.2M in equity investment purchases. Total debt remained minimal at $195K, consisting of a single installment contract. Shareholders' equity rose to $141.0M from $28.6M. The Company also secured a $19M margin credit line collateralized by its Treasury Strips, with no outstanding borrowings at year-end.
The Company disclosed $3.2M in inventory purchase commitments not yet received as of December 31, 2025, expected in 2026. Additionally, the Company has formally agreed to approximately $23M in capital expenditures with third-party vendors for its Thompson Falls smelter expansion, of which $17M had been paid by year-end. The Company also has multi-year payment obligations for mining claim acquisitions in Alaska and Ontario, totaling $3.0M (January Fairbanks), $425K (March Fairbanks), $2.0M (June Fairbanks), $500K (September Fairbanks), and $375K (Southeastern Project), with various royalty and exploration spending commitments. The Company secured a five-year, $248M IDIQ contract with the DLA for antimony metal ingots, with $12M in delivery orders received through January 2026.
Capital expenditures totaled $27.8M in 2025, primarily for the antimony segment ($17.5M) and all other ($9.8M), representing 70.8% of sales. The Company repurchased 149,639 shares of common stock for $574K to satisfy tax withholding obligations on equity awards. Preferred dividends of $7,500 were accrued but not paid. Debt repayments were $132K, with no new debt issued. No share buyback authorization or new dividend program was announced.
The Company operates two reportable segments: Antimony and Zeolite. Antimony segment revenue was $35.9M (91.5% of total), up 199% YoY, driven by higher antimony prices and volumes. Zeolite revenue was $3.4M (8.5% of total), up 14%. Both segments reported operating losses: Antimony ($3.8M loss) and Zeolite ($1.3M loss). The 'All Other' category, comprising inactive subsidiaries and mining claims, reported a $3.4M operating loss. Geographically, domestic revenue was $38.1M (97.1%), Canada $1.1M (2.9%), and Mexico $0.
UAMY faces ongoing profitability challenges, having incurred losses in six of the last seven years. The company is exposed to volatile antimony, zeolite, silver, and gold prices, which directly impact revenue. Macroeconomic factors such as inflation, high interest rates, and tariffs—particularly on imports from Canada and Mexico—could increase costs and reduce demand. The need for additional financing is a recurring risk, with potential dilution to shareholders.
A critical risk is the heavy reliance on a single Canadian supplier for antimony ore and on a few customers (top three account for 80% of revenue). The company's $2.5 million loan to an international supplier to secure feedstock introduces credit risk. The recently formed joint venture with Americas Gold and Silver (49% owned, managing member) to build a hydrometallurgical facility poses construction, funding, and governance risks. The company also depends on a lease for its zeolite mine and on non-domestic ore suppliers, exposing it to shipping disruptions, quality issues, and fraud.
UAMY identified material weaknesses in internal control over financial reporting as of December 31, 2025, which could impair its ability to produce accurate financial statements. It is subject to extensive environmental and mining regulations (MSHA, EPA, CERCLA), and any non-compliance or change in laws could increase costs or halt operations. The company also faces risks related to its Mexican operations, including political instability, drug-related violence, and currency fluctuations.
The company's charter includes anti-takeover provisions and the ability to issue preferred stock without shareholder approval, which could dilute common shareholders. The stock price has historically been volatile, influenced by metal prices and operational performance. If liquidated, preferred stockholders have priority, potentially leaving little for common shareholders.
CFO of $2.9M in 2025 reversed a prior year outflow of $(2.5M), reflecting improved operational performance. However, capex of $27.1M (vs. $1.4M in 2024) consumed all operating cash flow, making the company dependent on financing for growth. The $37.1M financing inflow was driven by equity issuances (common stock and warrants). No dividends or buybacks were declared.
Anomalies: A large swing in working capital — payables increased $5.4M and inventories grew $11.3M — the latter signaling production buildup. The $3.3M unrealized gain on equity securities is a non-cash item excluded from CFO. The net loss of $(4.3M) is covered by CFO, a positive sign of cash generation from operations despite the accounting loss.